SHELTON, CT--(Marketwired - Aug 15, 2013) - NXT-ID, Inc., (
NXT-ID, Inc. is an early stage technology company that is developing and marketing products, solutions, and services for consumers and organizations that have a need for biometric secure access control. The Company has three distinct lines of business: mobile commerce, law enforcement, and biometric access control applications.
NXT-ID went public through an S1 self-registration. The Company also has received funding from Connecticut Innovations (CI), the state's quasi-public authority responsible for growing Connecticut businesses through innovative financing and strategic assistance.
Part of the NXT-ID technology portfolio is based on years of development, dating back to 1995. NXT-ID's licensed biometric technologies have historically won awards from the Department of Defense, NIH, NIST and NSF amounting to more than $30 million.
NXT-ID's initial efforts are focused on developing a secure biometric electronic wallet for the growing mobile commerce market. The Company believes that this constitutes unique technology because it takes a very different approach relative to the current offerings: instead of replacing the wallet through a smartphone, the aim is to improve it. The Wocket™ will reduce the number of cards to be carried in a consumer's wallet to a single card and will be capable of supporting virtually every payment method currently available at Point-of-Sale (POS) at retailers around the world including magnetic stripe, touchless payment methods such as near field communications and barcode all within a secure biometric vault.
In parallel NXT-ID is marketing its existing line of secure 3D FaceMatch™ biometric identification systems for law enforcement, the Department of Defense, and Homeland Security through their subsidiary 3D-ID, LLC (http://3d-id.net/), acquired in June, 2012.
3D-ID is engaged in the design, research and development, integration, analysis, modeling, system networking, sales and support of intelligent surveillance, three dimensional facial recognition and three dimensional imaging devices and systems primarily for identification and access control in the security industries. 3D-ID has 22 licensed patents in the field of 3D facial recognition. The Company has generated revenues ($250,000) from initial sales of its 3D FaceMatch™ biometric identification products during the year ended December 31, 2012.
Using biometrics technologies, NXT-ID plans to address the growing m-commerce market with their innovative MobileBio™ suite of biometric solutions that secure mobile platforms. Currently most mobile devices continue to be protected simply by questions that a user asks, and PIN numbers. This security methodology is easily duplicated on another device, and can be easily spoofed or hacked. NXT-ID's biometric security paradigm is Dynamic Pairing Codes (DPC). DPCs are a new, proprietary method to secure users, devices, accounts, locations and servers over any communication media by sharing key identifiers, including biometric-enabled identifiers, between end-points by passing dynamic pairing codes (random numbers) between end-points to establish sessions and/or transactions without exposing identifiers or keys. The company's plan also anticipates that it will use its core biometric algorithms to develop a security application that can be used for corporations (industrial uses, such as enterprise computer networks) as well as individuals (consumer uses, such as smart phones, PDAs or personal computers).
With management experienced in the industry and public companies, NXT-ID will leverage existing knowhow and experience to rapidly develop these solutions.
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (
Forward-Looking Statements for NXT-ID
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended . Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.